jv executed, page-34

we know why the share price was dumped the other day to 75 cents. NO hydrocarbons in one of the first carbonate oil targets. Simple really. Takes a few days to drill through the secondary and primary targets. How the asx has let mad get away with the grose well as a production well, and not a exploration well, is beyond me. I hope this is fixed for the next well, so shareholders can atleast get well information, and not be left in the dark, with only a select few knowing what is going on with the well. Makes the speeding ticket look a bit suss.

The gulf deal is done, like i said with changed terms, which i like better. Gulf can participate if they like, if not mad will go it alone with the well. Good outcome.

share price will fall on the news that drilling is starting after christmas for the gulf deal. The delays are becoming a normal thing with mad. Wish they would just hurry up and drill. Does no favours for the share price.

My estimate for the price fall is to 35 cents because production wont climb meanfully until late next yr, too many wells off line, and current drilling has been really poor, with plenty of plugged and abondoned wells, deep impact wells look suspect